PENGU

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.015%

Price spread now: Hyperliquid against Lighter+0.069%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.069%, 7d avg −0.006%

Together, before fees−0.151%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board−$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.075% dearer against Lighter than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter PENGU	0.008747	0.0096	pay 0.0012% / 1h	55m 03s	$311K	$712K	8x
Short	Hyperliquid PENGU	0.008753	0.0100	get 0.0013% / 1h	55m 03s	$8.1M	$14.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee LighterbpFee HyperliquidbpOrdersPrice spread, now +0.069%Rate

Funding earned: $0.84
Price spread: +0.069% → −0.006%: $7.48
Slippage, 4 orders: −$47.31
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$47.99
Costs to cover: 0.563%
Break-even: 406.9 days

Slippage from Lighter: live order book, 65 min ago; Hyperliquid: live order book, 8 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Lighter live order book, 65 min ago	3.41 bp	22.8 bp −$23	97.9 bp −$979	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.15 bp	6.4 bp −$6	doesn't fit	doesn't fit	doesn't fit

PENGU on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni PENGUUSDT	−0.0359%	1h	0.008737	−0.114%	$80K	$242K	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008744	−0.034%	$18K	$10K	10x	as long as short
Gate PENGU_USDT	+0.0006%	4h	0.008747	0.000%	$3.3M	$15.5M	75x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008742	−0.062%	$32K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	+0.480%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0072%	1h	0.008746	−0.011%	$200	$64	5x	as long as short
Lighter PENGUlong	+0.0096%	1h	0.008747	long leg	$311K	$712K	8x
Orderly PERP_PENGU_USDC	+0.0099%	4h	0.008746	−0.011%	$23K	$134K	20x	as long as short
Nado PENGU-PERP	+0.0100%	1h	0.008739	−0.089%	$585K	$1.0M	5x	as long as short
Hyperliquid PENGUshort	+0.0100%	1h	0.008753	+0.069%	$8.1M	$14.7M	5x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster PENGUUSDT	+0.0100%	4h	0.008746	−0.017%	$121K	$579K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008738	−0.103%	$154K	$243K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008752	+0.062%	$36.4M	$161.3M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008751	+0.046%	$23.2M	$39.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008754	+0.080%	$7.3M	$46.8M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008740	−0.080%	$19K	$23K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008747	0.000%	$11.2M	$12.2M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008745	−0.023%	$4.8M	$9.2M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008749	+0.023%	$8.2M	$12.4M	75x	as long as short
BingX PENGU-USDT	+0.0100%	4h	0.008747	0.000%	—	$3.6M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008748	+0.011%	$299K	$295K	10x	as long as short
Variational Omni PENGU	+0.0100%	4h	0.008747	+0.001%	$870K	$985K	—	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008757	+0.112%	$460K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.008959	+2.424%	$3K	$2.0M	10x	as long as short
SoDEX PENGU-USD	+0.0100%	1h	0.008743	−0.046%	$1K	$5K	5x	as long as short
HTX PENGU-USDT	+0.0100%	4h	0.008756	+0.103%	$91K	$371K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008741	−0.073%	$184K	$942K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008743	−0.046%	$202K	—	3x	as long as short
Reya PENGURUSDPERP	+0.0239%	1h	0.008736	−0.123%	$295	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008738	−0.103%	$1.5M	$3.5M	75x	as long as short
Kraken Futures PF_PENGUUSD	+0.0366%	1h	0.008753	+0.065%	$343K	$2.4M	50x	as long as short
dYdX PENGU-USD	+0.0417%	1h	0.008736	−0.131%	$12K	$5K	5x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0510% / S −0.0439%	1h	0.008741	−0.069%	$128K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.2928%	1h	0.008967	+2.515%	$95K	$61K	50x	as long as short